IMAX Corporation announces new revolving letter of credit facility with Bank of Montreal
October 6, 2008 – 12:01 pmIMAX Corporation today announced a new $10 million revolving letter of credit facility with Bank of Montreal, replacing its existing $5 million LC facility with the same bank. This line, in addition to IMAX’s existing $40 million credit facility and cash on hand, further strengthens the Company’s financial capacity to roll out its joint venture digital projection systems.
IMAX said it expects the LC credit facility along with its existing secured credit facility and its solid cash position to provide the Company with ample funding to continue to execute the successful joint venture roll-out of its digital projection systems, 14 of which were in operation as of the end of the third quarter. Four additional digital theatres have opened since quarter-end, for a total of eighteen.
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